ENCINITAS, Calif., Feb. 17 /PRNewswire-FirstCall/ -- On February 17, 2009, MACC Private Equities Inc. announced its preliminary results of operations from the first quarter of its fiscal year 2009, which are subject to adjustment upon completion of its annual audit.
For the first quarter of fiscal 2009, MACC recorded total investment income of $211,379, as compared to total investment income of $260,004 for the first quarter of fiscal 2008. The decrease in investment income was the net effect of a $24,361 increase in dividend income, and a $72,986 decrease in interest income. Total operating expenses for the first quarter of fiscal 2009 were $293,399, as compared to $307,563 for the first quarter of fiscal 2008. The decrease in total operating expenses is the net effect of a $55,608 decrease in interest expense, a $7,979 increase in management fees, a $1,508 increase in professional fees, and a $31,957 increase in other expenses. Net investment expense for the first quarter of fiscal 2009 was $82,020, as compared to a net investment expense of $47,559 in the first quarter of fiscal 2008.
MACC had no net realized gain or loss on investments for the first quarter of fiscal 2009, the same as for the first quarter of fiscal 2008. During the first quarter of fiscal 2009, MACC recorded a net change in unrealized appreciation/depreciation on investments of $269,100, as compared to a net change in unrealized appreciation/depreciation on investments of ($721,354) during the first quarter of fiscal 2008.
These items resulted in a net increase in net assets from operations at the end of the first quarter of fiscal 2009 $187,080, as compared to a net decrease in net assets from operations at the end of the first quarter of fiscal 2008 of $768,913.
MACC net asset value at December 31, 2008, was $10,622,061 as compared to $10,751,897 at December 31, 2007. MACC's net asset value per share increased to $4.31 at December 31, 2008, from $4.23 at September 30, 2008 and decreased from $4.36 at December 31, 2007.
MACC is a business development company in the business of making investments in small businesses in the United States. MACC common stock is traded on the Nasdaq Capital Market under the symbol "MACC."
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "1995 Act"). Such statements are made in good faith by MACC pursuant to the safe-harbor provisions of the 1995 Act, and are identified as including terms such as "may," "will," "should," "expects," "anticipates," "estimates," "plans," or similar language. In connection with these safe-harbor provisions, MACC has identified in its Annual Report to Shareholders for the fiscal year ended September 30, 2008, important factors that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of MACC, including, without limitation, the high risk nature of MACC's portfolio investments, the effects of general economic conditions on MACC's portfolio companies and the ability to obtain future funding, any failure to achieve annual investment level objectives, changes in prevailing market interest rates, and contractions in the markets for corporate acquisitions and initial public offerings. MACC further cautions that such factors are not exhaustive or exclusive. MACC does not undertake to update any forward-looking statement which may be made from time to time by or on behalf of MACC.
